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Finding Tax Breaks In A Second Home; Getaway Or A Business; Deducting expenses and getting tax-free income depend on how it's used.(FUNDS & PERSONAL FINANCE)(YOUR TAXES)
Byline: PAUL KATZEFF
It's spring, a time when a lot of people think about a second home.
You may be weighing whether to buy a vacation home. If you already own one, you may be planning a vacation getaway, seeking summer renters or planning this season's repairs and upkeep.
If you act properly, you may also be entitled to big tax savings.
If you itemize your deductions, you can generally deduct mortgage interest and property taxes.
"With mortgage interest, it's deductible for your principal residence and one other home," said Martin Nissenbaum, national director of personal income tax planning for Ernst & Young. "But if you happen to have more than two homes, it doesn't matter if you take the deduction for the same second home each year. You can switch."
In any case, you can't deduct interest on more than $1 million of mortgage debt, Nissenbaum says. But you can stretch that limitation.
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